KARRAS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
KARRAS
Largest movements
- Tangible fixed assets -€301,736
down €301,736 (-98.7%), from €305,589 to €3,852
of which Land and buildings: -€191,695
- Cash +€282,592
up €282,592 (+402%), from €70,229 to €352,821
mainly Net result for the year (+€1.7m) and Investment in fixed assets (net) (+€267,244)
- Stocks and contracts +€272,584
up €272,584 (+32.7%), from €832,624 to €1.1m
- Receivables within one year +€248,138
up €248,138 (+28.7%), from €864,301 to €1.1m
of which Trade receivables: +€251,890
- Profit (loss) carried forward +€1.7m
up €1.7m (+66.0%), from -€2.5m to -€854,010
- Trade debts -€665,477
down €665,477 (-93.9%), from €708,551 to €43,074
- Short-term financial debts -€357,767
down €357,767 (-39.7%), from €901,349 to €543,582
of which Credit institutions: -€357,767
- Debts after one year -€160,121
down €160,121 (-26.7%), from €600,485 to €440,364
- Gross operating margin +€1.1m
up €1.1m (+124%), from €910,474 to €2.0m
- Staff costs -€100,350
down €100,350 (-30.9%), from €325,115 to €224,766
- Depreciation -€83,355
down €83,355 (-59.8%), from €139,483 to €56,128
- Other operating charges -€33,648
down €33,648 (-48.6%), from €69,298 to €35,649
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,277,229 | €2,762,983 | +€485,754 | +21.3% |
| Fixed assets | 21/28 | €502,046 | €178,673 | -€323,373 | -64.4% |
| Intangible fixed assets | 21 | €165,855 | €144,219 | -€21,636 | -13.0% |
| Tangible fixed assets | 22/27 | €305,589 | €3,852 | -€301,736 | -98.7% |
| Land and buildings | 22 | €191,695 | €0 | -€191,695 | -100% |
| Plant, machinery and equipment | 23 | €105,282 | €0 | -€105,282 | -100% |
| Furniture and vehicles | 24 | €419 | €3,852 | +€3,434 | +820% |
| Leasing and similar rights | 25 | €8,193 | €0 | -€8,193 | -100% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €30,602 | €30,602 | = | 0.0% |
| Current assets | 29/58 | €1,775,183 | €2,584,310 | +€809,127 | +45.6% |
| Stocks and contracts in progress | 3 | €832,624 | €1,105,208 | +€272,584 | +32.7% |
| Stocks | 30/36 | €832,624 | €1,105,208 | +€272,584 | +32.7% |
| Amounts receivable within one year | 40/41 | €864,301 | €1,112,439 | +€248,138 | +28.7% |
| Trade receivables | 40 | €845,431 | €1,097,321 | +€251,890 | +29.8% |
| Other amounts receivable | 41 | €18,871 | €15,118 | -€3,752 | -19.9% |
| Cash at bank and in hand | 54/58 | €70,229 | €352,821 | +€282,592 | +402% |
| Deferred charges and accrued income | 490/1 | €8,029 | €13,842 | +€5,813 | +72.4% |
| Total equity and liabilities | 10/49 | €2,277,229 | €2,762,983 | +€485,754 | +21.3% |
| Equity | 10/15 | -€172,335 | €1,486,629 | +€1.7m | |
| Contributions | 10/11 | €2,296,055 | €2,296,055 | = | 0.0% |
| Capital | 10 | €2,296,055 | €2,296,055 | = | 0.0% |
| Issued capital | 100 | €2,296,055 | €2,296,055 | = | 0.0% |
| Reserves | 13 | €44,584 | €44,584 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,834 | €25,834 | = | 0.0% |
| Legal reserve | 130 | €25,834 | €25,834 | = | 0.0% |
| Distributable reserves | 133 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,512,974 | -€854,010 | +€1.7m | +66.0% |
| Amounts payable | 17/49 | €2,449,564 | €1,276,354 | -€1.2m | -47.9% |
| Amounts payable after more than one year | 17 | €600,485 | €440,364 | -€160,121 | -26.7% |
| Financial debts | 170/4 | €600,485 | €440,364 | -€160,121 | -26.7% |
| Amounts payable within one year | 42/48 | €1,828,305 | €815,215 | -€1.0m | -55.4% |
| Current portion of amounts payable after more than one year | 42 | €155,906 | €153,979 | -€1,927 | -1.2% |
| Financial debts | 43 | €901,349 | €543,582 | -€357,767 | -39.7% |
| Credit institutions | 430/8 | €901,349 | €543,582 | -€357,767 | -39.7% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €708,551 | €43,074 | -€665,477 | -93.9% |
| Suppliers | 440/4 | €708,551 | €43,074 | -€665,477 | -93.9% |
| Taxes, remuneration and social security | 45 | €62,499 | €74,581 | +€12,082 | +19.3% |
| Taxes | 450/3 | €11,065 | €16,022 | +€4,957 | +44.8% |
| Remuneration and social security | 454/9 | €51,434 | €58,559 | +€7,125 | +13.9% |
| Other amounts payable | 47/48 | - | €0 | = | |
| Accrued charges and deferred income | 492/3 | €20,775 | €20,775 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €325,115 | €224,766 | -€100,350 | -30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,483 | €56,128 | -€83,355 | -59.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,660 | - | +€15,660 | |
| Other operating charges | 640/8 | €69,298 | €35,649 | -€33,648 | -48.6% |
| Gross operating margin | 9900 | €910,474 | €2,036,152 | +€1.1m | +124% |
| Operating profit (loss) | 9901 | €392,237 | €1,719,609 | +€1.3m | +338% |
| Financial income | 75/76B | €18,752 | €29 | -€18,723 | -99.8% |
| Recurring financial income | 75 | €18,752 | €29 | -€18,723 | -99.8% |
| Financial charges | 65/66B | €60,811 | €58,724 | -€2,087 | -3.4% |
| Recurring financial charges | 65 | €60,811 | €58,724 | -€2,087 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €350,178 | €1,660,914 | +€1.3m | +374% |
| Income taxes | 67/77 | €599 | €1,950 | +€1,351 | +226% |
| Profit (loss) for the period | 9904 | €349,579 | €1,658,964 | +€1.3m | +375% |
| Profit (loss) for the period to be appropriated | 9905 | €349,579 | €1,658,964 | +€1.3m | +375% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.